Saudi Aramco seeks to deepen ties with China in petrochemicals and low-carbon solutions
- Apart from supporting China’s long-term energy security, Aramco is eyeing investment opportunities in the downstream sector, Mohammed Al Qahtani says
Saudi Aramco is looking to bolster ties with China in petrochemicals and low-carbon solutions, as the world’s largest oil and gas company seeks to diversify its business and support the net-zero goal of the world’s largest greenhouse gas emitter.
“Our relationship with China has grown far beyond crude oil sales to develop into a more extensive, diversified and strategic bilateral collaboration,” Mohammed Al Qahtani, the downstream president of Aramco, said in an emailed interview with the Post.
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“While we aim to continue supporting China’s long-term energy security, we are also keen to find win-win opportunities to build a world-leading, integrated downstream sector in China, with special emphasis on high conversion of liquids directly into chemicals.”
The Saudi state-run oil giant will pour more investments in China in integrated downstream projects spanning oil supply, refining, chemicals and lubricants, as it aims to become a global leader in liquids-to-chemicals and a resilient and reliable supplier of lower-carbon intensity oils, Qahtani said.
China is Saudi Aramco’s biggest customer, buying about 90 million tons of crude oil per day, according to the Dhahran-headquartered company.
